Released: June 09, 2012

In era of cheap money, consumers are shut out

Source: Tara Siegel Bernard, New York Times

Michael Shreve, a 57-year-old science teacher in Marysville, Wash., has watched helplessly as mortgage rates have fallen. He said that despite his stellar credit score, no bank had been willing to let him trade in his 6.35 percent 30-year mortgage because his house was now worth less than when he bought it.

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